In: Finance
What is the similarities and differences between morals, ethics and the law? What do you do when a conflict occurs?
Morals are the principles of right and wrong behaviour of human character.
Ethics are the principles that govern a persons' behaviour or the way to conduct and activity.
Law is the system of rules imposed in a particular society or country and the violation of which could lead to penalties.
Morals and ethics both relate to right and wrong conduct. But there is a slight difference between the two of them. Ethics are generally imposed by an organisation or a community. For eg the CPA Assocation has a guidelines of ethics o be followed by each member, whereas morals refer to an individual's own principles regarding right or wrong. Thus morals are more personal in nature and respective of each indivual and ethics comply to a society or a group pf people.
Law on the other hand is binding on all the people living in that country or region and is binding to all of them.In general laws are made on the basis of ethics and morals of the society. The major difference between law and ethic & morals is that ethics and morals come from people awareness of what is right and wrong , whereas law is written and approved by the government. Laws are well defined and precise as compare to ethics. Nobody can be punished as such for violating ethics or morals, but violation of law leads to punishment. Some actions may be considered morally right but will be illegal in the eyes of law. An example can be that of Robinhood. Robinhood used to steal from the rich and give to poor. This was ethical as per the poor but not okay as per the law.
Together all three - Morals, Ethics and Laws define how people should behave in a society.
In case of conflict, one should always upheld the law among the three as noone is above the law.